John D. Rockefeller was able to monopolize the oil market, due to <u>horizontal consolidation- buying/driving out all other oil companies and/or entrepreneurs and vertical consolidation- buying into all other industries needed to minimize costs, maximize profits, and dominate the oil market
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Further Explanation:
John D. Rockefeller established a company named Oil-Standard Company. This Company controlled all the ‘oil industry’ from the year 1870 to 1911. John D. Rockefeller created control by purchasing all the oil companies and Rockefeller had a ‘vertical consolidation’ acquiring warehousing and transportation in companies in order to lessen costs to maximize and minimize profits. He also controlled all the production methods and processes of oil, transportation, shipment, and selling.
He gained wealth by ‘controlling oil refineries’ across all over the countries. At his refineries, crude oil first turned into kerosene and then it sold to the public of America at affordable prices.
Learn More:
1. In a parliamentary system of representative democracy, the prime minister is appointed by the monarch. Is elected by representatives chosen by the people. Is the leader of the party that won the most seats in parliament? is elected directly by the people.
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2. The main purpose of the president’s state of the union address is to
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Answer Details:
Grade: High School
Chapter: Standard Oil
Subject: Social Studies
Keywords: horizontal consolidation, entrepreneurs, vertical consolidation, Oil-Standard Company, oil industry, warehousing, transportation
